A deal to sell a former plumbing depot for a development of 700 student flats has been completed.
FHP Property Consultants said the sale of a 2.2 acre Nottingham site previously occupied by Willbond to Cassidy Group has gone ahead.
The deal took months to complete as Willbond looked for a new home and Cassidy Group sought planning permission for the multi-million pound redevelopment.
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David Hargreaves, who founded Nottingham-based FHP with John Proctor, put the deal together and acted for the seller.
The scheme will be called Deakins Place.
He said: “This has been a long and complicated transaction not only involving securing a relocation for the site occupier, Willbond the plumbing and heating and bathroom specialist, from a site they had called home for many many, years and then fitting out and moving to their new premises during lockdown, but also securing a planning consent for 700-plus student beds.
“In many ways the most difficult part of the deal was finding an industrial property that met Willbond’s requirements in a market with an acute shortage of supply.
“After a few false starts we identified a property that our clients bought and we then agreed a new 10 year lease with Willbond who opened in their new facility in October.
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“In the meantime Cassidy Group working with their team of consultants led by Maber Architects secured planning permission for a six storey building of some 193,000 sq ft to provide 78 studios and 625 bedrooms in a variety of five-10 person cluster flats with large communal areas and landscaped grounds, next to Nottingham Two – the Student Roost scheme just off Ilkeston Road.
“This is the fourth site FHP had sold to Cassidy Group in Nottingham following the sale of the DAGFA School in Beeston which is now a 229 bed student scheme, Chainey Place on London Road which has planning for 133 Studios, and York House on Mansfield Road where they are currently building 470 student beds.
“Cassidy Group are fantastic to deal with, they not only offer the top price, but the pace at which they work is second-to-none and they do what they say they are going to do and deliver via Mabers on the planning side every time.
“These four schemes alone will have an end value of circa £150 million and follow the successful Saffron Court PRS scheme off London Road of 350 Apartments that was sold to Cording Group for close to £50 million back in 2018.”
FHP Property Consultants acted throughout for Mersault Investments Ltd, whilst Victoria Bovington of Shakespeare Martineau provided legal advice.
Steven Petty of Feldon Dunsmore Solicitors of Coventry acted for Cassidy Group in the sale.